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The Obama administration has set up the program called Making Home Affordable, which helps many homeowners to avoid foreclosure by refinancing mortgage. However, in today's growing mortgage rates, many homeowners are careful from mortgage modification or refinancing. You also need to know that certain conditions apply to quality for Making Home Affordable program. The Makinghomeaffordable.gov explains them in details.
One of the first conditions to quality for Making Home Affordable program for mortgage modification is that your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. You can either check this with your mortgage lender or just by going to www.makinghomeaffordable.gov, where you can find detailed instructions about how to proceed.
"Up to 50 percent of at-risk mortgages have second liens, and many properties in foreclosure have more than one lien. Fortunately, the Making Home Affordable Second Lien Program is addressing the needs of these troubled borrowers by helping participating servicers reduce payments as part of a Home Affordable Modification," explains Ingrid Beckles, SVP of Default Asset Management at Freddie Mac, in today's issue of NAPSI.
As you visit Makinghomeaffordable.gov there you will find an eligibility tool on the home page. It allows you to self-assess your eligibility to see if you are among the seven to nine million homeowners who may be able to benefit from Making Home Affordable program. The site also has started a new Asked and Answered section where the homeowners can send their questions about the Making Home Affordable plan and see the responses to their questions from other homeowners.
Basically, there are two ways of making home affordable.
Many homeowners pay their mortgages on time, but are not able to refinance to take advantage of the current low mortgage rates perhaps due to a decrease in the value of their home. Many other homeowners are struggling to make their monthly mortgage payments perhaps beause their interest rates has increased or they have less income. These are two main concerning issues the answers of which Making Home Affordable plan aims to address.
Posted June 9th, 2009 by Armen Hareyan
